Deputy Prime Minister Tran Hong Ha has urged relevant ministries, agencies, and localities to focus on implementing the Prime Minister’s directions on removing difficulties and obstacles to promote the development of Vietnam’s real estate market in a safe, sound, and sustainable manner.

He asked the Ministry of Construction (MoC) to identify the projects, parties, and conditions for eligibility to a credit package of VND120 trillion ($5 billion) for the development of social housing projects and houses for workers. This will serve as a basis for localities to identify such projects and others to upgrade or rebuild old apartment blocks.

The State Bank of Vietnam (SBV) has been assigned to issue a circular regulating the restructure of debt payment deadlines and criteria for assessing customer capacity before April 25, in order to tackle difficulties facing customers and contribute to accelerating the production, investment, and trade activities of businesses.

The SBV will guide commercial banks on implementing the $5 billion credit package for projects on social housing and houses for workers, increase inspections, and urge credit institutions to implement measures to support and promote the development of the real estate market.

The People’s Committees of localities are required to take measures to remove obstacles in project implementation and to work with enterprises and projects to clarify the factors behind their difficulties, to identify appropriate solutions or to report their difficulties to the Prime Minister, the government, and the National Assembly.